{"id":80429,"date":"2023-11-06T00:00:00","date_gmt":"2023-11-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/06\/china-sinks-usd-bns-into-zimbabwian-lithium-mining-and-renewables\/"},"modified":"2023-11-06T00:00:00","modified_gmt":"2023-11-06T00:00:00","slug":"china-sinks-usd-bns-into-zimbabwian-lithium-mining-and-renewables","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/06\/china-sinks-usd-bns-into-zimbabwian-lithium-mining-and-renewables\/","title":{"rendered":"China sinks USD bns into Zimbabwian lithium mining and renewables"},"content":{"rendered":"

Zimbabwe\u2019s lithium and energy sectors are in the spotlight:<\/strong> Chinese firms were awarded lithium exploration and energy production licenses that could amount to USD 2.79 bn worth of investments pouring into Zimbabwe, Bloomberg<\/a> reported last week. USD 2.3 bn of China\u2019s planned investments would be directed toward developing an energy and mining and minerals processing complex in Mapinga, while another China-led project focuses on the development of a 500 MW solar farm in the country. The development licenses awarded by the country in 3Q 2023 amount to USD 3.41 bn with Chinese firms making up two-thirds of 180 applications sent to Zimbabwe\u2019s Development Agency. Next in line is the UAE which is looking to channel USD 498.5 mn in investments toward Zimbabwe\u2019s economy, Bloomberg notes. <\/p>\n

Zimbabwe and Africa have big lithium potential:<\/strong> The country raked in USD 209 mn from EV-critical lithium exports in the first nine months of 2023 and its lithium market grew from USD 1.8 mn in 2018 to USD 70 mn in 2022, Reuters<\/a> reported, citing comments made by Zimbabwe\u2019s Mines and Mining Development Minister Zhemu Soda. Chinese firms \u2014 including Zhejiang Huayou Cobalt, Chengxin Lithium Group Yahua Group, and Canmax Technologies \u2014 have shelled out over USD 1 bn since 2021 to develop lithium mining and processing projects in the country, Reuters<\/a> notes. Africa is home to an estimated 5% of the world\u2019s total lithium<\/a> supplies and mining expansions are expected to bring up the continent's capacity from the current annual production rate of 40k tons to 497k tons by 2030<\/a>.<\/p>\n

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Greece takes first steps in giant offshore wind development plans:<\/strong> Greece has released a draft plan identifying areas within its waters that will be allotted for the private development of at least 12.4 GW offshore wind farms, Reuters<\/a> reported last week. The draft plan includes 25 eligible development areas spanning 2.7 sq km in the Aegean, Ionian, and Mediterranean seas, which will be up for grabs from 2025 until 2032 in two phases. Greece is aiming to install at least 2 GW of offshore wind power by 2030, representing one-tenth of its current onshore capacity. The Hellenic Hydrocarbons and Energy Resources Management Company<\/a> (Herema) are in charge of Greece\u2019s offshore wind expansion strategy.<\/p>\n

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Occidental Petroleum is selling 27.5k tons of direct air capture (DAC) CO2 removal <\/strong>credits to US-based <\/strong>TD Bank<\/a><\/strong> over four years<\/strong>, according to a statement<\/a> released last week. TD Bank will buy the credits from 1PointFive's Stratos<\/a> DAC Texas plant and will use some of the credits to offset its operational emissions. 1PointFive is a wholly-owned subsidiary of Occidental.<\/p>\n

Occidental already has other giant prospects: <\/strong>Amazon said it was purchasing 250k tons of carbon credits<\/a> from Occidental\u2019s DAC plant over the next decade last September. Adnoc also explored participating in 1PointFive's DAC facility earlier this month<\/a>. The petroleum giant also quietly offloaded its Century carbon capture and storage (CCUS) plant last year<\/a> after a decade of economic issues.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n